Tax and Spend, Here We Go Again – The Millionaire’s Tax Makes a Comeback
Last month the New Jersey State Supreme Court ordered that New Jersey’s poverty school districts be fully funded under the school finance law. The state legislatures decided to take the additional money and fund all school districts even the most wealthy.
Where is the money coming from, they call it the millionaire’s tax but you can have a million bucks, live in NJ and don’t feel like a millionaire, believe me I know. I feel even poorer since my home’s value has declined by 30% since 2006. Nobody is buying homes these days in NJ, even though mortgage rates current are very low real estate taxes are just to high. Not to mention how low savings rates are right now you can’t make any money on interest income.
The state Senate and State Assembly yesterday announced they will file an appropriations bill with a new millionaire’s tax. Their goal is to add $1.6 billion in aid overall, enough to fund virtually every district in the state.
The Democrats were start doing what they did because to make the money available to the richest school districts which happen to be republican Christie has to agree to the new tax on “millionaires”.
Given Gov. Chris Christie record I doubt he will agree to any new taxes but if he doesn’t sign off on this where will the money come from?
This new tax is back to what I was talking about last month. I’m a retired person living in NJ but I am getting sick and tired of all the taxes I’m paying and this new tax might just drive me out of NJ for good!